During and after the Thomas Fire my office received many calls from our clients questioning if they had enough coverage in the event their house was burned down. Of course this is a great question that should be answered before a fire is headed for your property. This question gets asked more frequently when home values climb and homeowners receive their renewal policy and compare the amount of coverage to the home’s value.
The important thing to know for our homes here in Ventura County is the dirt they sit on is worth a lot of money all by itself. Based on my home’s approximate value, less the cost to rebuild the home, the dirt it sits on is worth $300,000. And as we experienced in the recent Thomas Fire, while some homes did not survive the fire, the land underneath those homes is still there. Yet this brings up one additional point to ask your agent and this is, do you have coverage enough to remove the debris left by the fire? Before a new home can be built, all the remains left by the fire has to be cleared first.
As always, if you have any questions on this or any other aspect of your homeowner’s insurance, send me an email, firstname.lastname@example.org, or call me at my office, (805)985-5488